Annual report pursuant to Section 13 and 15(d)

Divestitures Activities Schedule of Assets and Liabilities for Discontinued Operations (Tables)

v3.21.2
Divestitures Activities Schedule of Assets and Liabilities for Discontinued Operations (Tables)
 12 Months Ended
Aug. 31, 2021
Schedule of Assets and Liabilities for Discontinued Operations [Abstract]  
Disposal Groups, Including Discontinued Operations
The following represents the detail of "Loss from discontinued operations, net of income taxes" within the Consolidated Statements of Operations (in thousands):
Year Ended August 31,
2021 2020 * 2019
Net sales $ —  $ 67,010  $ 459,144 
Cost of products sold —  49,749  344,563 
Gross profit —  17,261  114,581 
Selling, general and administrative expenses 1,456  11,561  68,339 
Amortization of intangible assets —  —  5,666 
Restructuring (benefit) charges —  (11) 1,779 
Impairment & divestiture charges**
—  28,972  286,175 
Operating loss (1,456) (23,261) (247,378)
Financing costs, net —  14  124 
Other (income) expense, net —  (104) 1,922 
Loss before income tax expense (benefit) (1,456) (23,171) (249,424)
Income tax expense (benefit) 679  (18,337) 7,788 
Net loss from discontinued operations $ (2,135) $ (4,834) $ (257,212)
* "Loss from discontinued operations, net of income taxes" for the year ended August 31, 2020 presented in the table above includes the results of the EC&S segment for the two months ended October 31, 2019 (the divestiture date) as well as the ancillary impacts from certain retained liabilities subsequent to the divestiture. As a result of the classification of the segment as assets and liabilities held for sale for the two months ended October 31, 2019, the Company did not record amortization or depreciation expense in the results of operations in accordance with GAAP. Furthermore, the Company excluded EC&S segment employees from the fiscal 2020 bonus compensation plan, accordingly there are no expenses associated with the plan for that period.
** In addition to the impairment & divestiture charges discussed above, the Company also incurred approximately $10.5 million of divestiture charges in fiscal 2019 related to the, at the time, anticipated divestiture of EC&S.